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New law moved to replace Companies Ordinance

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ISLAMABAD Nov 18 (APP): A new Ordinance to replace the present Companies  Ordinance was moved to National Assembly Friday to facilitate business community and empowering Securities and Exchange Commission (SECP) to probe money laundering, terror financing and fraud.

Minister for Finance, Revenue, Statistics and Economic Affairs Muhammad  Ishaq Dar moved the bill to the new Ordinance “Companies Ordinance 2016” to the House. This Ordinance has been recently promulgated to replace the previous 32 years old Companies Ordinance.

Briefing the House about the new Ordinance present before the House
would meet the requirements of present age emerging after massive investment coming to Pakistan.

He said consultations were held for over one year to bring in this
comprehensive law and was promulgated after approval by the Cabinet.

Under this law there will be provision of filing of documents with SECP, filing of notices and information about documents, provision of e-balloting during election of Directors and holding session through video links. It will be mandatory for listed companies.

The minister said the new proposed law will also have provisions of book  entry for physical shares, registration of Shariah businesses and protection of investors money in real estate business.

He said the proposed law will also ensure maintenance of data bank for
protecting interests of small share holders.

Dar said the proposed law was also discussed in detail in the perspective of offshore companies and will have binding on companies to declare their investors and beneficiaries as it will also ensure registration and maintenance of assets.

He informed the House that major penalties have been proposed for
non-disclosure of assets of the companies.

He said the SECP will have powers to probe money laundering, fraud and  terror financing as this law will also save time for being in line with in international practices.

The minister said the new ordinance will also simplify the provisions of
merger and acquisition of companies as well as facilitating agriculture promotion companies.

He also welcomed any proposals by the House at the Committee level as he  pleaded that this law was need of the hour and the government would like valid input by the members.

NBP Exchange Rates

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Rupee gains 43 paisa against dollar

KARACHI, Nov 18 (APP): Treasury Management Division of National Bank of Pakistan (NBP) on Friday issued the following  exchange rates:

Selling Buying Buying
TT & OD TT Clean OD/T.CHQ
U.S.A. 104.60 104.40 104.19
U.K. 129.76 129.51 129.25
EURO 110.95 110.74 110.51
CANADA 77.23 77.08 76.88
SWITZERLAND 103.77 103.57 103.30
AUSTRALIA 77.37 77.22 77.02
SWEDEN 11.30 11.28 11.25
JAPAN 0.9463 0.9445 0.9421
NORWAY 12.21 12.19 12.16
SINGAPORE 73.36 73.22 73.03
DENMARK 14.91 14.88 14.84
SAUDI ARABIA 27.89 27.83 27.76
HONG KONG 13.48 13.46 13.42
CHINA 15.18 15.15 15.11
KUWAIT 343.97 343.31 342.41
MALAYSIA 23.71 23.66 23.60
NEWZEALAND 73.38 73.24 73.05
QATAR 28.73 28.68 28.60
U.A.E. 28.48 28.42 28.35
KR WON 0.0886 0.0884 0.0882
THAILAND 2.940 2.935 2.927

CONVERSION FOR FC DEPOSITS, DBC/FCBC, SPECIAL USD BOND

US DOLLAR POUND STERLING EUR JAPANESE YEN

104.8337 130.7382 112.3398 0.96

Pakistan’s future directly linked with skills development: Bosan

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ISLAMABAD, Nov 18 (APP): Federal Minister for National Food and
Security Sikandar Bosan on Friday said Pakistan’s future was directly linked to the development of vocational training sector and a skilled workforce.
Speaking in a Zonal Skills Competition organized by National
Vocational & Technical Training Commission (NAVTTC) at Multan
Technical Education Centre, he said to equip youth with technical skills
was a must to enable them for the socio economic development of the society, said a press release.
The competition was organized by NAVTTC aiming at to encourage and
motivate youth of Pakistan to acquire skills and training in Technical & Vocational streams.
Hundreds of trainees from different TVET Institutes (Private & Public
sector) participated in the competition with enthusiasm and exhibited their
skills in 10 diversified trades including plumbing, industrial electrician,
welding, beautician, fashion designing/dress making, general electrician, civil surveyor, quantity surveyor, auto cad and graphic designing.
He said by learning skills the youth would be able to secure jobs and
support their families and become a useful citizen of the country.
Sikandar Bosan appreciated the initiatives of NAVTTC for holding skill
competitions across the country and said such healthy competitions were necessary to boost the morale of the students.
He praised the quality of skills of the trainees, saying that NAVTTC was doing a commendable job in producing highly skilled workforce.
On this occasion, Zulfiqar Cheema said the youth would not have to wander here and there in search of jobs if they acquire marketable skills.
Through skill development, it was guaranteed that they will no longer remain unemployed and may earn even more than doctors and engineers.
Whoever would hold the NAVTTC’s certificate, he would be able to
secure jobs at home and abroad. By prioritizing technical and vocational skills “we can make our youth useful and productive citizen of the country”.
He further added that we were committed towards positive development
of the youth and enabling them to become technology producers.
Zulfiqar Cheema said NAVTTC would hold skill competitions at provincial level in November and the winners of each trade would be awarded with Rs. 75,000. He said we were committed to train 100,000 youth from next year.
The 1st, 2nd & 3rd position holders were awarded with certificates
and cash prizes of Rs.25000, Rs.20000, Rs.15000 respectively.
The ceremony while heads of various institutes, employers and renowned industrialists were also present.

Baloch terms PTI’s case on Panama Papers weak

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Provincial gov'ts responsible for maintaining law, order: Baloch

ISLAMABAD, Nov 18 (APP): Federal Minister for SAFRON Lt. General
(Retd) Abdul Qadir Baloch on Friday said Pakistan Tehreek e Insaf’s
(PTI) case on Panama Papers was very weak as evident from the criticism its lawyer Hamid Khan had to face on media.
Speaking in a private TV channel program, he said Hamid Khan could not tolerate the said criticism and had to quit from the prosecution.
The minister said the matter was pre judice so it could not be discussed on media.
He said after the Panama Papers, the prime minister wrote a letter to the Supreme Court to probe the matter, he added.
He said the government would accept the court’s verdict regarding Panama Papers case.

New grid stations to be established at Matta, Kabal: Muqam

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Muqam inspects floods destroyed infrastructure in Shangla
Muqam inspects floods destroyed infrastructure in Shangla

PESHAWAR, Nov 18 (APP): Advisor to Prime Minister, Engr Ameer Muqam Friday said that two new grid stations have been approved for Matta and Kabal and work on these projects costing Rs500 million each would be started soon.
Talking to delegations of local representatives at Swat, he said that
new feeder has been approved for Bana Mangolai while two new sub divisions for Kanju and Dewalai have been accorded. He also directed District Nazim to inaugurate these new sub divisions.
Muqam informed that establishment of 132Kv grid station for Charbagh is under consideration while work on various sui gas provision schemes is underway.
Earlier, Ameer Muqam visited residence of Tehsil Nazim Charbagh Javed
Khan and offered fateha for his nephew who killed in Hazara University.
Office bearers of PML N Swat including Qaimoos Khan, Qavi Khan, District Nazim Swat Muhammad Ali Shah were also present on the occasion.

Adaptation to climate change is of crucial importance to whole SA region: Zahid Hamid

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ISLAMABAD, Nov 18 (APP): The adaptation to climate change is of crucial importance to the whole South Asian region, home to over a billion people, where many people are living below the poverty line.
This was stated by Federal Minister for Climate Change ZahidHamid in a side event, organized on the theme ‘Adaptation to Climate Change: National and Sub national Coherence, Coordination and Cooperation at Regional Level.’
The event organised by Government of Pakistan, South Asia Cooperation Environment Programme, and Network of Regional Governments for Sustainable Development was chaired by the Federal Minister for Climate
Change Zahid Hamid, a press release issued here said. He said that apart from its dense population, the South Asian region is also one of the most ecologically diverse areas of the world. It has faced a multitude of climate induced disasters ranging from glacial melt, sea level rise, drought, cyclones and shifts in rain patterns, especially the monsoon rains. These disasters are not only serious threats to food and water security but they also displace the residents, creating the problem of climate refugees.
“The adverse effects of climate change are of immense concern to Pakistan. Pakistan contributes less than 1% to total annual global greenhouse gas emissions. Yet, it is ranked amongst the top ten countries most vulnerable to climate change”, the minister informed the participants.
He highlighted that Pakistan today faced several major risks related to climate change, including glacial melt, variable monsoons, recurrent floods, sea water intrusion, higher average temperatures and higher frequency of droughts. Millions of people are affected and colossal damage is caused on recurring basis.
“These threats pose major survival concerns for Pakistan, particularly in relation to the country’s water security, food security and energy security and have enormous adverse consequences for all socio economic sectors,” he said.
He also said that to cope with these extreme climate change impacts, Pakistan has developed comprehensive policies and plans that include both adaptation and mitigation measures. We have put in place a perspective plan called “Vision 2025”, a National Climate Change Policy and Framework for its implementation, a National Disaster Risk Reduction Policy and a National Sustainable Development Strategy.
He said that Pakistan is perhaps the first country in the world whose National Assembly passed a unanimous Resolution adopting the SDGs Agenda as its own national development agenda. Our Parliament has also become “Green” by converting to 100% solar energy.
He also told the audience: “ We will introduce in Parliament next week the historic Pakistan Climate Change Bill, which will establish a high level, policy making Pakistan Climate Change Council and the Pakistan Climate Change Authority to prepare and supervise implementation of adaptation and mitigation projects in various sectors.”
“All the provinces and regions of Pakistan will be represented on the Council. Implementation of projects will also take place through the Provincial and regional Governments. The provinces are also preparing their own Action Plans, in accordance with the National Climate Change Policy,” the minister said.
He said that the people of Pakistan have shown remarkable resilience in the face of these grave challenges and have courageously adapted to climate change. We are hopeful that with faster economic growth in coming years, especially as a result of projects such as the China Pakistan Economic Corridor (CPEC), economic resilience and social resilience will increase still further and help us to better cope with future threats.
“CPEC is in fact a prime example of successful South South Cooperation which can serve as a model for coordination and
cooperation at the South Asian Regional level also”, the minister said.
He said that the Sendai Framework for Disaster Risk
Reduction 2015 30 with its people oriented approach; the 2030 Agenda for Sustainable Development with its 17 Sustainable Development Goals to end poverty, fight inequality and injustice and tackle climate change; the Paris Agreement on Climate Change with its adaptation and mitigation measures; the World Humanitarian Summit, with its focus on global humanitarian action, and Habitat III with its emphasis on sustainable urbanization can provide valuable opportunities not only for assessment of each country’s progress in implementation of these global frameworks, but also development of regional initiatives for cooperation.
The links amongst these 5 global frameworks can provide much needed direction and momentum for South Asian cooperation at all tiers.
The other speakers were Prince Mustafa Zahir, DG of National Environment Protection Agency Afghanistan, Dashu Chenchu
Norbu, Secretary of the National Environment Commission, Bhutan,
Joke Schauliege, Minister of Environment, Nature and Agriculture.

Potable water right of every citizen: Shehbaz Sharif

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LAHORE, Nov 18 (APP): Punjab Chief Minister Muhammad Shehbaz Sharif on Friday said that the Punjab government was implementing a big programme worth billions of rupees for the supply of potable water to the masses.
He presided over a high level meeting here, which reviewed matters
regarding Punjab Water Roadmap and Solid Waste Management Roadmap.
Special representative of British Department for International Development (DFID) Sir Michael Barber gave a briefing to the meeting.
The Chief Minister said that provision of drinking water to rural
masses would be ensured under Khadim e Punjab Saaf Pani programme.
He said that Saaf Pani programme was a very important project of public welfare and had to be implemented with commitment and determination.
The Chief Minister said that potable water was right of every citizen
and Punjab Saaf Pani programme would be closely monitored.
He said that a comprehensive programme be evolved in the light of
authentic survey for the improvement of water schemes and filtration plants. He said that there was a need for reorganization of all water and sanitation agencies for their capacity building.
Shehbaz Sharif said that recruitment against technical vacancies in
these institutions and training programme of the staff be evolved with the consultation of experts.
He said that potable water was essential for saving citizens from
diseases. He said that a healthy society could be evolved by providing a clean environment to the citizens and added that there was a need for promoting public awareness about the importance of cleanliness.
He said that an effective roadmap would have to be evolved and
implemented for improvement of the affairs of solid waste management.
He said that targets would have to be achieved with hard work and a
sense of responsibility, adding that improvement in living standard of the people and provision of relief to masses was the priority of the government.
Shehbaz Sharif said that all out resources would be provided for
provision of better facilities to the citizens.
DFID representative Sir Michael Barber said that the Punjab government
had performed very well with regard to uplift of health and education sectors.
He said that DFID would work with the Punjab government also in water
sector, adding that all out cooperation would be extended to provincial government for the supply of drinking water to rural populace of Punjab.
Approval was also given on this occasion to filling approved technical
vacancies of Local Government, Public Health Engineering and TMAs as well as training programme of the staff.
Provincial Minister for Housing Tanvir Aslam Malik, Chairman Punjab
Saaf Pani Company South Muhammad Kashif MPA, Chief Secretary, Additional Chief Secretary, Chairman Planning & Development, concerned secretaries, head of DFID in Punjab Ms. Judith Herbertson and members of roadmap team attended the meeting.

23 US varsities receive grants to work with Pakistani counterparts

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US media headlining flood devastation in Pakistan, focusing on relief work
US media headlining flood devastation in Pakistan, focusing on relief work

WASHINGTON, Nov 18 (APP): As many as 23 American universities from  16 states and the District of Columbia have received grants to work with counterpart Pakistani universities in fields ranging from business development to gender studies, the US State Department said in a statement on Thursday.

The US State Department gave an overview of economic cooperation between  the United States and Pakistan in multiple areas which is benefiting both the countries. Various students and faculty members are already studying and engaged in research activities under this partnership.

Since 2005, grants co-financed by both countries under the US-Pakistan  Science and Technology Cooperation Agreement have funded 96 research projects in a variety of scientific areas.

According to the statement, currently, researchers from the University
of Agriculture, Faisalabad and University of California are developing a low-cost, blood-based Tuberculosis (TB) diagnostic test, more sensitive than the current World Health Organization-recommended sputum test.

This diagnostic test is undergoing trials in Chennai, India to prepare
for approval and commercial launch of the test in India. This test could eventually enable patients testing positive for TB to undergo effective treatment sooner for a highly damaging disease affecting populations across multiple TB-endemic countries, according to the statement.

The University of California, Davis, a public research university, and
Pakistan’s University of Agriculture, Faisalabad, last year launched a $17 million collaborate project, which will enable faculty members and graduate students from both countries to study and do research at each other’s campuses, according to a statement posted on UC, Davis website. The project is designed to update curriculum and technical resources at the Faisalabad university.

According to the US State Department, researchers at the University of
Michigan at Dearborn and University of Engineering and Technology (UET) in Lahore are collaborating to develop air quality monitoring that can be applied to mobile and wireless devices.

This new area of research aims to improve air quality in polluted urban
areas in both countries, and possibly soil and water quality in future applications.

Detailing more ongoing projects between the US and Pakistan, the US
State Department said, the two countries launched the US-Pakistan Clean Energy Partnership in 2015, which supports private investment in financially sound, clean energy projects in Pakistan. The Partnership aims to add at least 3,000 megawatts of clean power in Pakistan by 2020, creating opportunities for US businesses across the clean energy spectrum.

In 2016, the US Department of Agriculture (USDA) hosted a Pakistani
group of Cochran and Borlaug Fellows to study the benefits of using US  wood products. USDA connects US and Pakistani scientists to jointly develop varieties of seeds which will resist diseases that threaten both US and Pakistani cotton and wheat production.

On the economic front, cooperation with Pakistan is directly benefits
America by creating well-paying US jobs, promoting US businesses and exports, and advancing scientific progress in critical areas, according to the statements. The US exported $1.8 billion in goods to Pakistan in 2015, creating or supporting over 9,200 US jobs according to the US Department of Commerce.

In 2016, General Electric won a contract to provide 55 locomotives to
Pakistan Railways, all of which will be manufactured in Erie, Pennsylvania. Foreign direct investment from Pakistan to the United States in 2015 supported up to 1,000 additional US jobs.

Mediterranean migrant deaths hit 4,621 after latest sinkings

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UNITED NATIONS, Nov 18 (APP): A dramatic upsurge has taken place in the number of migrant deaths, mainly from West Africa, on the perilous Mediterranean sea crossing between Libya and Italian island of Lampedusa, the International Organization for Migration (IOM) reported Friday.
The agency said at least 365 people have disappeared and are presumed
dead after at least six incidents in the Mediterranean in the past three days. It says that brings the number of migrant deaths in the Mediterranean this year to a record 4,636.
IOM spokesman Leonard Doyle calls this a calamity in plain sight.
“In November, we have 365 deaths that we have counted. So, this is six times higher than the deaths last year in that month ,” Doyle said. “Overall, we are counting 1,000 more migrant deaths in the Mediterranean compared to the same period last year. So, over the stretch of the year from January to November, 1000 extra deaths and six times more in November alone.”
Doyle says deaths on the Mediterranean are surging because the migrants are making the dangerous sea crossing in poor weather and rough conditions. Survivors say smugglers are forcing migrants to get on board unsafe rubber dinghies, which take on water and gradually sink.
“Migrants assuming and paying in the hope and expectation that they
will get a decent passage across the Mediterranean, coming down to the beach and being confronted with a rubber raft and not having any options sometimes, physical restraints and then even going back,” Doyle said. “So, the situation is clearly alarming.”
Doyle says there are few happy endings for migrants who survive the
arduous journey and arrive safely in Italy. He tells VOA their expectations of having a good life in Europe and sending money home to their families is rarely realized.
He says most of the requests for asylum from migrants who come from
Gambia, Nigeria, Senegal, Mali and elsewhere in West Africa are rejected. Doyle says they are regarded as economic migrants and are either deported or forced to live underground in the European Union.

KP Governor for foolproof security for Chelum

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PESHAWAR, Nov 18 (APP): Governor Khyber Pakthunkhwa Engr Iqbal Zafar Jhagra here Friday directed the political agents of all agencies of Fata to ensure foolproof security measures besides maintaining law and order situation on occasion of Chelum of martyrs of Karbala.
The Governor appreciated the measures taken for peaceful observance
and maintenance of law and order situation in Fata during Moharramul Haram and expressed the confidence that the atmosphere of peace and brotherhood will also be exhibited during the Chelum of martyrs of Karbala.